Review Beneficiaries and Estate Planning Documents

The end of the year is a great time to review your beneficiaries and estate planning documents. It’s easy to forget about these designations throughout the year, especially when a major life event happens. Helping the next steward to be prepared is one of the most important financial gifts we can give.

It’s important to remember that the beneficiaries listed on investment accounts, bank accounts, and insurance policies go directly to the beneficiary, meaning that these assets avoid the probate process. These accounts will go straight to the beneficiary listed, regardless of what the will states. It’s important to review the will and the beneficiaries on all accounts to ensure that they reflect your intentions.

It’s also a good practice to have a document outlining where these important documents are located, and that you’ve communicated that with a trusted individual.

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Miranda Power